Stratview Research has published a new report titled “Industrial Power Transmission Market” which is segmented by Transmission Type (Belt and Chain), by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, Industrial power transmission means the transfer of energy so that it can be transmitted to the desired application with the appropriate power, speed, and torque. Due to the increasing modernization of existing infrastructure all over the world, the industrial power transmission market is expected to grow significantly. Moreover, considerable R&D investments are pushing the global use of technologically advanced equipment.

Due to increased awareness regarding the reduction of energy loss, manufacturers are focussing on cost-effective and energy-efficient equipment. A favorable business environment has also been created by increased manufacturing operations, especially in developing economies. In 2020, With the abrupt breakout of the COVID-19 pandemic, the market for industrial power transmission suffered a considerable fall of -7.2%. Companies have suffered significant losses as a result of the entire lockdown paired with a labor shortage and temporary shutdown of manufacturing plants.

The market is predicted to progressively improve in the coming years, primarily due to rising consumer acceptance. Product demand will be boosted even more by rising investments for technological advancements. Furthermore, favorable regulatory changes and supporting industrial reforms will drive market growth. Overall, in the long run, the industrial power transmission market is expected to grow at a respectable CAGR of 3.4% to be reaching a value of US$ 11.0 billion in 2026.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

Based on the transmission type, the industrial power transmission market is segmented as belt and chain. Chain is expected to remain the larger transmission type in the market during the forecast period. The wide usage of transmission chains in the chemical, agriculture, oil & gas, pharmaceutical, mining, and construction industries is one of the primary drivers of market expansion. Material handling, manufacturing, and agricultural & food processing equipment are just a few of the applications for industrial roller chains. Roller chains provide machine-driven power to a variety of industrial machinery. It is observed that the industrial belts are replacing industrial chains in some applications, owing to certain advantages of belts over chains, such as no requirement of frequent lubrication and reduced noise.

Based on the application type, the market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. The warehousing & distribution business is anticipated to grow significantly due to the development of new technologies, increasing imports & exports, and the rapidly expanding e-commerce industry. A boom in commercial activity in rising economies, such as China, India, Indonesia, Russia, and Brazil, is further substantiating the warehousing & storage business.

Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market during the forecast period. Old chains and belts must be replaced to smooth operations as well as to save manpower, energy, and cost. Manufacturers are switching to new and technologically advanced products.

Which Region is expected to remain the largest market?

In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission during the forecast period. The market of industrial power transmission will grow significantly due to rapid industrialization in developing nations like China, India, and other South-East Asian countries. Rising energy consumption in emerging economies as well as rising investments to incorporate sustainable and efficient infrastructure are the key factors responsible for the market growth.

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